Fidelity Bank earns GHc322m profit; represents 33% increase in profit before tax
- Fidelity Bank Ghana has held its 2020 Annual General Meeting
- Details from the meeting showed it recorded a profit of GHc322 million for the 2019/2020 financial year
- The amount represents a 33% increase compared to the GHc242 million it earned in the preceding year
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Fidelity Bank has recorded a profit of GHc322 million for the 2019/2020 financial year.
This is a 33% increase compared to the GHc242 million it earned in the preceding year.
Over the course of its 2020 Annual General Meeting (AGM) that was conducted via a virtual platform, its shareholders received and adopted the reports of directors.
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Per a report by classfmonline.com, they also received the report of auditors as well as the financial statements for the year ended 31 December 2020.
The 33% increase in profit was recognised as the biggest in Ghana at the moment.
According to the board chairman, Edward Effah, the bank performed well despite the uncertainties that rocked the financial services industry in the country.
Source: UGC
He added that the bank’s balance sheet “remains one of the largest and strongest in the country, as we closed the year with a balance sheet size of GHS10.48 billion, up from the 2018 asset balance of GHS7.02 billion.”
In other news, the Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant, has called for a common African currency.
According to him, the use of different currencies on the continent is a huge barrier as it complicates trading activities.
In his opinion, it should be possible to easily trade in Nigeria without switching currencies.
READ ALSO: International partners give COCOBOD $600 million to boost cocoa production
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